Broker Opinion of Value

420-428 W Stocker Street

Glendale, California 91202

$9,350,000

27Units
22,674Square Feet
1953Year Built
1.11Acres
420-428 W Stocker St Aerial

Prepared Exclusively for Isabelle Gerald

Glen Scher, Senior Managing Director Investments

February 2026

NYSE: MMI

Team Track Record
LA Apartment Advisors at Marcus & Millichap
501Closed TransactionsSince 1/1/2013
$1.6BTotal Sales VolumeAll-Time
5,000+Units SoldAll-Time
All-Time Closings Map — LA Apartment Advisors
View our interactive closings map at www.LAAA.com
Property Overview
Stocker Gardens — 420-428 W Stocker St, Glendale 91202
420 W Stocker - Front House 428 W Stocker - Exterior Property Courtyard 428 Building Interior

The LAAA Team is proud to present Stocker Gardens, a rare 27-unit, two-parcel multifamily portfolio in one of Glendale's most sought-after rental pockets. Located on W Stocker Street in the prestigious 91202 zip code, north of Glenoaks Boulevard and nestled below multimillion-dollar hillside homes, this offering combines institutional-quality scale with genuine value-add upside that is increasingly difficult to find in today's market.

The property comprises two adjacent parcels totaling 1.11 acres (48,353 SF) with five buildings containing 27 units: a charming 4-bedroom/3-bath Craftsman front house, 24 two-bedroom/one-bath apartments, and 2 one-bedroom/one-bath apartments. With $138,000 in annual rent upside from below-market units and a rear parking area eligible for up to 6 detached ADUs under California's SB 1211 legislation, Stocker Gardens offers a compelling layered value-add strategy.

Location: Walk Score 88 (Very Walkable). Three schools within one block. Starbucks and neighborhood shops within walking distance. Minutes from SR-134 freeway access. Glendale Unified School District, consistently one of the highest-performing districts in Los Angeles County. The Verdugo Mountains provide a dramatic backdrop visible from the property's interior courtyards.

Target Buyer Profile

Broad appeal across buyer segments supports competitive pricing and a short expected marketing period.

Property Information

Address420-428 W Stocker St, Glendale, CA 91202
APN5636-001-020 (420) / 5636-001-021 (428)
Year Built1953 / 1954
Units27 (1 house + 24x 2BR + 2x 1BR)
Building SF22,674
Lot Size1.11 Acres (48,353 SF)
Lot Dimensions160 ft x 300 ft (combined)
ConstructionWood Frame
Buildings5
ZoningGLR4YY / R-1250 (High Density Residential)
Rent ControlAB 1482 + Glendale Ord. 5922
Stories1-2
ParkingSurface + Carport
School DistrictGlendale Unified
FEMA Flood ZoneZone X (Shaded)
Fire HazardNot in VHFHSZ
Walk Score88 (Very Walkable)
SubmarketGlenwood (NW Glendale)
Building Systems & Capital Improvements
Recent Improvements & Condition Assessment
SystemCondition / StatusYear
Roof (420 Front House)Comp shingle, 36 squares2012
Roof (420 Garage)Comp shingle, 16 squares2012
Roof (428)Comp shingle Class A, 65 squares2007
Plumbing (420)Repiped, Units A-H (8 units)2005
Plumbing (428)18 vents, 16 T&P valves replaced2004
HVAC (420 Unit I)FAU up to 100K BTU, A/C 3-15 HP2008
HVAC (428)Window unitsVarious
ElectricalMajor plumbing/electrical work (seller reported)2024
WindowsReplaced (seller reported, $10,700)2024
Deck/Walkway (428)Fiberglass recoat, stucco repair (permitted, finaled)2023-24
Exterior PaintFull exterior paint (seller reported)2024
AppliancesReplacements (seller reported, $9,005)2024
ParkingSurface lot + carport (rear area = ADU potential)Original
LaundryTo be verified on inspectionTBD
Note: The current owner invested approximately $117,000 in capital improvements during 2024 (plumbing/electrical, deck, windows, HVAC, painting, appliances). Several of these items were not reflected in Glendale Building & Safety permit records. Buyer should verify scope and completion during due diligence. One coast live oak tree on the 420 parcel is protected under Glendale's Indigenous Tree Ordinance.
Regulatory & Compliance Summary
City of Glendale Jurisdiction
ItemStatus
Rent ControlAB 1482 (Tenant Protection Act) + Glendale Ordinance 5922
Just Cause EvictionRequired (both buildings qualify, built before Feb 1, 1995)
Annual Rent Increase Cap5% + CPI (max 10%) per AB 1482; Glendale triggers relocation if >7%
ZoningGLR4YY (Assessor) / R-1250 (Glendale High Density Residential)
Code ViolationsNone on file (Glendale permit portal)
Soft-Story RetrofitNot mandatory in Glendale (voluntary program)
FEMA Flood ZoneZone X (Shaded) — moderate risk, no insurance required
Fire HazardNot in Very High Fire Hazard Severity Zone
SeismicStandard SoCal zone, no Alquist-Priolo designation
Protected Tree1 coast live oak on 420 parcel (Indigenous Tree Ordinance)
Glendale Rent Control: Glendale Ordinance No. 5922 (updated March 2024) provides just cause eviction protections, requires a 12-month lease offer before rent increases, and mandates relocation assistance (3 months' rent) when cumulative increases exceed 7% in any 12-month period. This applies to all units built on or before February 1, 1995. Both buildings qualify (1953/1954 construction).
Transaction History
Ownership & Sale History
DateEventPrice$/UnitNotes
1991Earliest recorded deedGerald family ownership begins
2007Family transferMichael A Gerald to Isabelle P Gerald
2015RefinanceChase, $3,500,000 (released 2022)
2022RefinanceChase, $1,350,000 (420) + $250,000 (428)
2026Suggested List Price$9,350,000$346,296First arms-length sale in 34+ years

At $9,350,000, the suggested list price represents the first arms-length sale of this property in over three decades. The current assessed value of $4,238,666 reflects the long-term Proposition 13 tax basis. A buyer should anticipate property tax reassessment to approximately 1.13% of the sale price upon close of escrow, resulting in an estimated annual tax of $105,655 at the list price.

Development Potential & Land Value Analysis
Zoning Capacity vs. Economic Reality

The subject property's two parcels total 1.11 acres (48,353 SF) in Glendale's R-1250 High Density Residential zone, which permits 1 dwelling unit per 1,250 SF of lot area. While this theoretically supports up to 38 units, the current regulatory and economic environment makes ground-up redevelopment impractical.

FactorDetail
Maximum Density (R-1250)38 units (48,353 SF / 1,250 SF per unit)
Current Units27
Net Gain from Redevelopment+11 units only
Height Limit (80 ft lot width)2 stories / 26 ft maximum
Estimated Redevelopment Cost~$35.2M all-in (RAND Corp. 2025: CA avg $430K/unit)
Estimated Completed Value~$19.8M (4.5% cap on $889K NOI)
Estimated Loss~$15.4M
Key Barriers: SB 330 (Housing Crisis Act) prohibits net loss of residential units and requires replacement at the same affordability level. The Ellis Act (as amended by AB 1399) requires property-wide withdrawal with severe re-rental restrictions. Glendale Ordinance 5922 mandates just cause eviction and relocation assistance for all 27 units. CEQA environmental review would be required. Even with SB 423 streamlining, the economics produce a $13-16M loss. The practical value-add path is ADU infill, not demolition.
Comparable Sales
8 Confirmed Closed Sales in Glendale — Past 14 Months

Interactive map available at the live URL.

#AddressUnitsSale DatePrice$/UnitCapGRMYr BuiltNotes
1437 W Glenoaks Blvd9 12/31/2025$2,800,000$311,111 4.93%13.371962Trust sale, sold above ask. Updated/remodeled.
2559 Glenwood Rd7 12/8/2025$2,565,000$366,429 n/an/a1952Off-market. No financials.
3704 Palm Dr14 10/31/2025$6,350,000$453,571 n/an/a1987Off-market. 1987 build.
4336 E Dryden St8 9/9/2025$3,240,000$405,000 4.84%13.431960New roof, copper plumbing, dual-pane.
5125 E Fairview Ave9 6/17/2025$4,240,000$471,111 4.83%13.7219861986 build, central AC, subterranean pkg. 1 DOM.
61244 N Columbus Ave12 5/30/2025$3,650,000$304,167 4.38%16.111953Same yr built. 95 DOM, $73K concessions.
7617 W Stocker St9 2/20/2025$3,546,000$394,000 4.77%14.841962SAME STREET. All 2BR/1BA. Updated.
8950 N Louise St25 1/24/2025$9,250,000$370,000 5.17%11.601967Best size match. M&M listing. $1M+ capex.
Averages11 $4,455,125 $384,4234.82%13.84

Primary anchor: 617 W Stocker St (Comp 7) sold at $394,000/unit on the same street with an identical 2BR/1BA unit mix. The subject at $346,296/unit (list) represents a 12% discount, appropriate for the subject's 3x larger scale and older vintage. The near-identical $/SF ($402 vs. $412) validates the per-square-foot pricing.

Scale validation: 950 N Louise St (Comp 8), the only 25-unit comparable, sold at $370,000/unit despite a premium 91207 location, 3-story elevator building, and $1M+ in owner capex. The subject at $346K/unit is 6% below this premium asset, confirming conservative positioning.

Income metrics: At the $9.0M apartment value (before ADU premium), the subject delivers a 5.00% cap rate — above the comp median of 4.84%. This means a buyer gets more current income per dollar invested than the typical Glendale comparable, consistent with value-add positioning.

On-Market Comparables
Active Listings in Glendale

Interactive map available at the live URL.

#AddressUnitsList Price$/Unit$/SFDOMNotes
11151 N Columbus Ave5$1,699,000$339,800$49619Turn-key trust sale
2719 N Jackson St6$1,950,000$325,000$36820M&M listing, full gut reno
31207 N Columbus Ave10$4,695,000$469,500$493219Price drops, all 2BR/2BA, 1989

The subject at $346,296/unit is positioned between the fully renovated 1207 N Columbus ($469,500/unit, sitting on market at 219 DOM) and the smaller 719 N Jackson ($325,000/unit, M&M listing). This positioning offers buyers a compelling entry point relative to active inventory while reflecting the subject's scale advantage and value-add potential.

Rent Comparables
Current Market Rents in the Stocker St / Glenwood Submarket

Interactive map available at the live URL.

2-Bedroom Rent Comparables

#AddressTypeSFRent$/SFNotes
1550 W Stocker St2BR/2BA1,100$2,595-$2,695$2.36-$2.45Same street, renovated
2439 W Stocker St2BR/2BA1,093-1,200$3,479-$3,498$2.90-$3.18Luxury reno, TOP of market
3618 W Dryden St2BRn/a$2,550-$2,650n/a1 block north, updated
4409 W Dryden St2BR/2BAn/a$2,470-$2,800n/aUpdated kitchens
5404 W Stocker St2BR condon/a$2,800n/aCondo rental, same block
Subject 2BR/1BA2BR/1BA750$900-$2,630$1.20-$3.51Market: $2,650

1-Bedroom Rent Comparables

#AddressTypeSFRent$/SFNotes
1The Henley (245 W Loraine)1BR759$2,347-$2,459$3.09-$3.24Institutional/Class A
2550 W Stocker St1BRn/a$1,950+n/aSame street, renovated
Subject 1BR/1BA1BR/1BA650$1,895-$1,950$2.92-$3.00Market: $2,295

The subject's 2BR units currently rent between $900 and $2,630/month, with a market potential of $2,650. The mid-market comps on Stocker Street and Dryden Street ($2,470-$2,695 for updated 2BRs) establish the achievable rent level. With 22 of 24 apartment 2BR units below the $2,650 market threshold, there is approximately $138,000 in annual rent upside from organic lease turnover and modest increases.

SB 1211 ADU Development Opportunity
By-Right Value Creation in the Rear Parking Area
Lot Dimensions - 300ft x 160ft with ADU Zone
Rear Parking Area - ADU Buildable Zone

California Senate Bill 1211 (effective January 1, 2025) allows up to 8 detached ADUs per multifamily lot with ministerial (by-right) approval. Since the property comprises two separate legal parcels, each qualifies independently, creating a combined legal maximum of 16 detached ADUs. Physical site constraints in the rear parking area support a feasible estimate of 6 detached two-story ADUs (3 per parcel).

Legal Framework

ADU Cap per LotUp to 8 (SB 1211)
Height Allowed18 ft / 2 stories
Setbacks4 ft side & rear
Parking ReplacementNot required
Approval ProcessMinisterial, 60 days
Owner OccupancyNot required (AB 976)

Physical Feasibility

Rear Parking Area~50 ft x 160 ft (~8,000 SF)
Net Buildable/Parcel72 ft x 40 ft (2,880 SF)
ADU Size (each)880 SF (2-story, 20x22 ft)
Layout3 per parcel (20+6+20+6+20=72 ft)
Feasible Total6 detached ADUs
Timeline12-18 months

ADU Economics (Realistic Estimate)

MetricOptimisticRealisticConservative
Cost per ADU$250,000$275,000$325,000
Total Cost (6 units)$1,500,000$1,650,000$1,950,000
Rent per Unit/Month$2,400$2,300$2,200
Annual Gross (6 units)$172,800$165,600$158,400
Annual NOI$137,160$127,320$117,480
Estimated Profit$1,243,200$896,400$399,600
ROI83%54%20%
Key Takeaway: Under the realistic scenario, a buyer investing approximately $1.65M in ADU construction can generate ~$127,000 in additional annual NOI and create approximately $900,000 in equity value. Combined with the existing $138,000 in rent upside, the total value-add opportunity exceeds $1.0M in new annual income. ADU construction requires no tenant displacement, no CEQA review, and no discretionary approval — it is a by-right, ministerial process under SB 1211.
Financial Analysis
Investment Returns at $9,350,000
$346,296Price Per Unit
$412Price Per SF
4.77%Current Cap Rate
12.62Current GRM

Unit Mix & Rent Roll

UnitTypeSFCurrent RentRent/SFMarket RentMarket/SF
420-House4BR/3BA2,500$5,000$2.00$5,000$2.00
420-A2BR/1BA750$2,040$2.72$2,650$3.53
420-B2BR/1BA750$2,205$2.94$2,650$3.53
420-C2BR/1BA750$2,299$3.07$2,650$3.53
420-D1BR/1BA650$1,895$2.92$2,295$3.53
420-E2BR/1BA750$2,650$3.53$2,650$3.53
420-F2BR/1BA750$2,050$2.73$2,650$3.53
420-G2BR/1BA750$2,050$2.73$2,650$3.53
420-H1BR/1BA650$1,950$3.00$2,295$3.53
428-12BR/1BA750$2,040$2.72$2,650$3.53
428-22BR/1BA750$2,395$3.19$2,650$3.53
428-32BR/1BA750$2,475$3.30$2,650$3.53
428-42BR/1BA750$2,195$2.93$2,650$3.53
428-52BR/1BA750$2,150$2.87$2,650$3.53
428-62BR/1BA750$2,630$3.51$2,650$3.53
428-72BR/1BA750$2,100$2.80$2,650$3.53
428-82BR/1BA750$2,310$3.08$2,650$3.53
428-92BR/1BA750$900$1.20$2,650$3.53
428-102BR/1BA750$2,380$3.17$2,650$3.53
428-112BR/1BA750$2,650$3.53$2,650$3.53
428-122BR/1BA750$2,365$3.15$2,650$3.53
428-142BR/1BA750$2,040$2.72$2,650$3.53
428-152BR/1BA750$2,150$2.87$2,650$3.53
428-162BR/1BA750$2,025$2.70$2,650$3.53
428-172BR/1BA750$2,365$3.15$2,650$3.53
428-182BR/1BA750$1,970$2.63$2,650$3.53
428-192BR/1BA750$2,450$3.27$2,650$3.53
TOTAL27 Units21,800 $61,729$2.83 $73,190$3.36

Operating Statement

Line ItemCurrentPro FormaPer Unit% of EGI
Gross Scheduled Rent$740,748$878,280$27,435104.4%
Less: Vacancy (5%)($37,037)($43,914)$-1,372-5.2%
Effective Rental Income$703,711$834,366$26,06399.2%
Other Income (Parking)$5,820$5,820$2160.8%
Effective Gross Income$709,531$840,186$26,279100.0%
EXPENSES
Real Estate Taxes$105,655$105,655$3,91314.9%
Insurance$28,074$28,074$1,0404.0%
Water & Power$24,945$24,945$9243.5%
Gas$2,979$2,979$1100.4%
Trash Removal$17,700$17,700$6562.5%
Repairs & Maintenance$20,250$20,250$7502.9%
Landscaping$4,800$4,800$1780.7%
Pest Control$700$700$260.1%
On-site Manager$24,000$24,000$8893.4%
General & Administrative$2,160$2,160$800.3%
Operating Reserves$4,050$4,050$1500.6%
Management Fee (4%)$28,381$33,607$1,0514.0%
Total Expenses$263,694$268,920 $9,76637.2%
Net Operating Income$445,836$571,266 $16,512

Returns at Asking Price

Cap Rate (Current)4.77%
Cap Rate (Pro Forma)6.11%
GRM (Current)12.62
Price Per Unit$346,296
Price Per SF$412

Financing Terms

Loan Amount (55% LTV)$5,142,500
Down Payment (45%)$4,207,500
Interest Rate5.75%
Amortization30 Years
Loan Term3 Years (Due 2029)
Loan Constant7.00%

Pricing Matrix

Price$/Unit$/SFCap RatePF CapGRM
$9,750,000$361,111$430 4.53%5.81%13.16
$9,650,000$357,407$426 4.58%5.88%13.03
$9,550,000$353,704$421 4.64%5.96%12.89
$9,450,000$350,000$417 4.71%6.03%12.76
$9,350,000$346,296$412 4.77%6.11%12.62
$9,250,000$342,593$408 4.83%6.19%12.49
$9,150,000$338,889$404 4.90%6.27%12.35
$9,050,000$335,185$399 4.96%6.35%12.22
$8,950,000$331,481$395 5.03%6.43%12.08
$8,850,000$327,778$390 5.10%6.52%11.95
$8,750,000$324,074$386 5.17%6.61%11.81
$8,650,000$320,370$381 5.25%6.70%11.68
$8,550,000$316,667$377 5.32%6.79%11.54

Pricing Rationale

The suggested list price of $9,350,000 comprises two components: a $9,000,000 apartment income value (supported by a 5.00% cap rate on normalized current NOI of $449,791) plus a $350,000 ADU development premium reflecting the by-right opportunity to construct 6 detached ADUs in the rear parking area under SB 1211.

The apartment value is anchored by the same-street comparable at 617 W Stocker St ($394,000/unit), which sold at a 15% per-unit premium to the subject, and the best size-match comparable at 950 N Louise St (25 units, $370,000/unit), which sold at an 11% premium. At $346,296/unit, the subject is conservatively positioned relative to both anchors, offering buyers a value entry point with $138,000 in organic rent upside.

The ADU premium of $350,000 represents approximately 39% of the estimated $896,000 development profit under realistic assumptions. Even at the full premium, a buyer retains $546,000 of profit at a 33% ROI on the $1.65M ADU investment. The premium is further justified by the scarcity of 1.1-acre multifamily sites with by-right ADU entitlement in Glendale's prime Glenwood submarket.

Assumptions & Conditions: Financing terms are estimates and subject to change; contact your Marcus & Millichap Capital Corporation representative. Vacancy modeled at 5.0% based on Glendale market conditions. Management fee of 4.0% of EGI reflects third-party professional management. Real estate taxes estimated at 1.13% of sale price reflecting Prop 13 reassessment. Operating reserves at $150/unit. ADU economics presented as supplemental analysis and are not incorporated into the base operating statement or pricing.